Dubai Has $300 Million To Entice The World's Best Startups To Its Accelerator

If you don’t like something about Dubai today, wait 10 years: It’s likely to change. There are a lots of places in the world that are trying to turn themselves into entrepreneurial hubs, with combinations of tax incentives, government reforms and funding. Kuwait, for instance, has set aside $7 billion to develop a small business economy.

Dubai is taking an incredibly focused tack: It is putting itself at the forefront of business, science and public spending, with an accelerator program that aims to draw 30 of the best startups from around the world to the city to tackle the most important public problems. If you want to apply, here’s the link. https://dubaifutureaccelerators.com/en

The aim is to build an edge in the process of innovation – so that Dubai can win the industries of the future. “(We want) to create an interaction point for global innovation and indigenous innovators,” said Saif Al Aleeli, CEO of the Dubai Future Foundation. “We are living in a future where the pace of change is tremendous.”

“This is an economic war.”

There’s a $275 million fund set aside to invest in startups (the equity taken will be on a case by case basis, according to the Dubai Future Foundation, which is Dubai’s main vehicle for encouraging a culture of entrepreneurship). In addition, Dubai is awarding government contracts, about $30 million worth, to the startups.

The city has hosted one group of 19 startups out of more than 2,000 applicants. Winners included companies like Honeywell (innovation is the main criteria, not the size of the company, but most firms are early stage ventures), Medativ, a 3D printing company, Hyperloop, working on mass transit problems, Grow, which is growing food with little need for water and fertilizers, Comae Technologies, which wants to use artificial intelligence to solve crimes. After team members worked in Dubai, 14 of the startups are relocated to the city, according to the Foundation.

Dubai is nakedly ambitious. Al Allele pointed out the extent to which innovation has already taken a front seat in Dubai’s culture: There’s an Emirate team aiming to go to Mars in four or five years, for instance.

To get an investment, you have to be working on a problem in the public good, such as one in the health arena, immigration or law enforcement. (The Foundation has 11 challenge areas on its application).